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  3. Text 2 When Europe caught America's flu

Text 2 When Europe caught America's flu

免费题库2022-08-02  30
问题 Text 2 When Europe caught America's flu after 2008,bond markets picked off the euro's weakest members one by one.Greece,Portugal,Ireland and Spain were forced into bail-outs.Italy,the euro's third largest economy,tottered.Emergency funds were created,and the European Central Bank（ECB）implied it would create unlimited quantities of cash if needed,and the euro limped on.Today,growth is picking up and unemployment falling.But no one believes that the euro,which lacks the political and fiscal institutions typical of a currency area,can remain half-built forever.Investors are uncertain of its future,and governments have piled on debt since the last crisis,shrinking the space available to respond to the next one.The case for reform is much-talked about.The creation of the euro in 1999 denied its members the option of restoring competitiveness by devaluing.Labour-market mobility and fiscal transfers,which smooth the effects of shocks in other currency areas,were limited by rules and by culture.Bail-outs and belt-tightening were the prescribed solution for governments hit by sudden capital stops,which annoyed everyone:creditors resented opening their wallets;debtors contracted an acute case of austerity fatigue.The currency turned from an instrument of convergence between countries to a wedge driving them apart.Just compare Germany's unemployment rate with Greece's.All this created a legacy of mistrust that haunts the euro zone today.That helps explain why,despite this endless talk of troubles,conversations about euro-zone reform have gone nowhere.Indebted countries like Italy have grown addicted to the ECB's cheap money,ignoring pleas from Mario Draghi,the bank's president,to use the time he has bought them to reinvent their economies.Hardliners like Germany are more convinced than ever of the need for strict rules on spending and structural reform.Anxious officials wonder where the political impetus for a debate on the euro's future might come from.If the euro area is capable of taking advantage of good conditions,best to build confidence slowly.Start with the incomplete banking union,which still lacks a common deposit-insurance scheme（thanks to German objections）,and a backstop for its resolution fund.The much-celebrated capital-markets union,which aims to reduce European firmsJ reliance on banks for finance,is only getting off the ground.Improving cross-border financial flows matters as much as the more contentious fiscal risk-sharing.In time,that might open the way to more radical changes.They will require the sort of political courage for which the euro zone has never been known,but it could turn out to be less painful than some suspect:polls find record support for the single currency among voters,and a surprising appetite for reform.Like self-hating addicts,governments have shivered in the euro zone's halfway house for too long,hooked up to Mr Draghi's monetary medicine and convincing themselves that they deserve no better.It is time to move on.The author's attitude toward Mr Draghi's monetary policy is one of_____A.appreciationB.uncertaintyC.disapprovalD.tolerance
选项 A.appreciation
B.uncertainty
C.disapproval
D.tolerance
答案 C
解析 [信息锁定]末段③④句指出德拉基货币政策下的各国犹如自我厌弃的瘾君子（无法戒除欧洲央行的救助资金，又无力走出危机摆脱这一现状）．作者建议各国挣脱这一政策束缚，向前迈进（move on），积极改革。可见作者不认同德拉基的货币政策．C.正确。[解题技巧]A.与第三段③句addicted.～、末段③句self-hating addicts／hooked up to等词（组）表现出来的负面态度相悖。B.模棱两可的不确定态度、D.“德拉基货币政策虽有问题但总体可接受”的容忍态度，均与末段末句作者建议“各国（抛开政策束缚，）向前迈进”所体现的明确否定态度相悖。
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英语二研究生

研究生入学

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